September 13, 2011 / 3:55 PM / in 6 years

Saab bankruptcy hearing to be held in two weeks

STOCKHOLM (Reuters) - Cash-strapped car maker Saab’s first bankruptcy hearing will be on September 26, a district court said on Tuesday.

Saab, owned by Netherlands-listed Swan Automobile SWAN.AS, has been called to the lower court in the southern Swedish town of Vanersborg, the court said in a brief statement.

Two white-collar unions at Saab, whose members had their June and July salaries delayed and have not yet been paid for August, served bankruptcy applications on Monday to ensure the activation of a state wage-insurance scheme.

A representative from one of the unions said he thought the bankruptcy process would take three to five weeks.

Saab on Monday announced the latest in a long line of money-raising exercises led by Chief Executive Victor Muller, saying it had arranged 70 million euros ($96 million) in bridge financing with the help of a Chinese guarantee.

Saab hopes the money will help persuade the court to give it protection from creditors for the second time in two-and-a-half years while it restructures. A lower court has rejected Saab’s case, but the company lodged an appeal on Monday.

Reporting by Johan Ahlander; Editing by David Hulmes

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